In perfect competition,price is determined by the market and individual firms have no control over price.

Name: In perfect competition,price is determined by the market and individual firms have no control over price.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

In perfect competition, there are numerous buyers and sellers in the market, and there is no single entity powerful enough to dictate the price. Therefore, the price is solely determined by supply and demand forces, and individual firms have no control over it.

In Perfect Competition,price Is Determined by the Market and Individual